PE HUB Wire Highlights, 6.19.19


Photo of Luisa Beltran, PE HUB Senior Editor, courtesy of Buyouts Insider.

Goldman, GIC lead Accel-KKR 2008 fund revamp; APG’s Leigh steps down; Insurity finds a buyer

Morning, Hubsters. How is everyone?

We have a big LP exit this morning. Iain LeighAPG’s global head of private equity and a managing director, is stepping down at the end of 2019. He is being replaced by Greg Jania, head of fund investments, and Ken Bloomberg, head of co-investments. Jania and Bloomberg will co-head APG’s global PE program and join the executive board of APG Asset Management US IncCheck out our brief here.

Mass incarcerationPlatinum Equity has come under scrutiny for its 2017 investment in Securus Technologies Inc, a prison phone services provider. Securus has charged inmates as much as $25 for a 15-minute phone call, according to press reports.

New York City pension funds and Platinum Equity are now working on a provision that would let funds opt out of future investments in the prison services industry, Bloomberg reported. NYC Comptroller’s office wants to expand the ban to include companies that provide services to correctional facilities, the story said. Platinum Equity is currently out fundraising for its fifth flagship, Buyouts has reported.

Personally, I don’t think anyone should profit from mass incarceration. Hubsters, what do you think? Is New York City pension funds taking the right approach? If yes, why? If not, why not? Email me your thoughts at lbeltran@buyoutsinsider.com.

Fintech: I’ve been hearing for a couple of weeks that the NCR process has been put on hold. NCR, the ATM maker, is on the block. Now comes word from the New York Post that Warburg Pincus and Apollo Global Management have walked away from the deal.

The ATM maker was also up for sale in 2015 but after a failed process, NCR turned to Blackstone for a cash infusion, the NY Post said. BX bought $820 million worth of NCR convertible notes, the story said.

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